Pune, April 27, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, “The size of Seasoning & Spices Market was valued at USD 26.46 billion in 2022, and it is projected to expand at a CAGR of 6.7% during the forecast period of 2023-2030, ultimately reaching USD 44.45 billion by 2030”.
Market Report Scope
Seasoning and spices are food ingredients that add flavor, aroma, and color to a variety of dishes. They are commonly used in cooking to enhance the taste of meals and are an essential part of many cuisines around the world. Seasoning refers to the process of adding salt, pepper, and other herbs and spices to enhance the flavor of food. On the other hand, spices are derived from plants and include ingredients such as cinnamon, ginger, turmeric, and cumin, among others.
Market Analysis
The seasoning & spices market has been witnessing substantial growth in recent years, driven by several factors. One of the major factors contributing to this growth is the increasing awareness of the medicinal benefits of spices and herbs. Consumers are becoming more health-conscious and are seeking natural remedies to maintain their well-being. This has led to a rise in demand for spices and herbs that are known to possess medicinal properties, such as turmeric, ginger, and garlic. Another significant factor driving the growth of the seasoning and spices market is the increasing number of people cooking at home.
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Impact of Recession
The impact of a recession on the seasoning & spices market may be influenced by several factors, including consumer behavior, market trends, and product offerings. While a recession can lead to a decline in sales and revenue, companies that can adapt and cater to changing consumer preferences may be better positioned to weather the storm.
Key Regional Development
The growing consumption of seasoning and spices in the Asia Pacific region is also driving the seasoning & spices market’s growth. With more people looking to add flavor and variety to their meals, demand for these products has increased significantly. This trend is expected to continue in the coming years as more consumers become aware of the health benefits of using herbs and spices in cooking. The emergence of new domestic brands of spices and herbs in the region has also contributed to the market's growth. These brands are often able to offer high-quality products at lower prices than imported brands, making them an attractive option for consumers. This has created a competitive market that has benefited consumers by providing them with a wider range of options to choose from.
Key Takeaway from Seasoning & Spices Market Study
- The herbs and spices segment is poised to dominate the seasoning and spices market in the coming years. With their unique flavors and health benefits, herbs and spices are a versatile and essential ingredient for any kitchen, as well as for a range of other industries.
- The market is set to witness a significant shift in the dominance of its segments, with the bakery and confectionery sector projected to emerge as the leader. This shift is expected to be driven by the rising demand for flavored bakery and confectionery products.
Recent Developments Related to Seasoning & Spices Market
- Dabur, a leading Indian consumer goods company, has announced its acquisition of a 51% majority stake in Badshah Masala, a well-known Indian spice brand. This move is part of Dabur's strategy to expand its presence in the fast-growing spices and seasonings market in India.
- UK's Premier Foods has announced its acquisition of British Indian Spice Firm, Mrs. Ball's International Trading. The acquisition is part of Premier Foods' strategic plan to expand its range of products in the growing spices and seasonings market in the UK and Europe.
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| Report Attributes | Details |
| Market Size in 2022 | US$ 26.46 Billion |
| Market Size by 2030 | US$ 44.45 Billion |
| CAGR | CAGR 6.7% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Segments | • by Product Type (Salt and Salt Substitutes, Herbs and Spices) • by Application (Bakery and Confectionery, Soup, Noodles and Pasta, Meat, and Seafood, Sauce Salad and Dressing, Savory Snack, Other Applications) |
| Regional Analysis | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, +D11UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Ajinomoto Co, Inc., ARIAKE JAPAN CO, LTD., Associated British Foods plc, Kerry, McCormick & Company, Inc., Baria Pepper, Dohler Group, DS Group, Everest Spices, Bart Ingredients |
| Key Drivers | •Quickly expanding urbanization and changing ways of life. |
| Market Restraints | •Unfavorable impacts of overabundance zest utilization. •Certain administration strategies restrict explicit imported seasonings and spices. |
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value chain analysis
6. Porter’s 5 forces model
7. PEST analysis
8. Global Seasoning & Spices market segmentation, by Product
9. Global Seasoning & Spices market segmentation, by Form
10. Global Seasoning & Spices market segmentation, by Distribution Channel
11. Global Seasoning & Spices market, by region/ country
12. Company profiles
13. Competitive Landscape
14. Conclusion
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